GovTech M&A 2026 Annual Market Update | Union Square Advisors — Trevor Lunsford

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N F I D E N T I A L GovTech Annual Market Update 2 0 2 6

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 2 Union Square’s GovTech Coverage Team & Expertise * Denotes transactions completed on other platforms prior to joining USA; Please see Disclaimers for further information regarding transactions prior to employment at Union Square. in its majority stake investment in M: 917.836.3382 [email protected] • 30+ years of investment banking experience executing >$200 billion of technology M&A with previous experience at Barclays and Lehman Brothers Wayne Kawarabayashi Chief Operating Officer, Partner Head of M&A M: (415) 501-8080 [email protected] • 18+ years of experience executing >$100 billion of M&A / financing transactions with previous experience at JP Morgan, Bank of America, BMO and Raymond James Terry Jackson Managing Director Head of Vertical Software in its sale to* M: (770) 540-0566 [email protected] • 9+ years of experience in Vertical Software M&A, including more than $5 billion of closed deal value across both GovTech and Public Safety markets Trevor Lunsford Director Software State & Local Government Public Safety • Government ERP & Finance • Budgeting & Planning • Payments & Revenue • Procurement & Grants • HR & Workforce • Licensing & Permitting • Code & Inspections • Zoning & Land Records • 311 & Service Requests • Documents & Records • Civic Engagement • Parks & Recreation • Asset & Infrastructure • Smart City & Transit • Parking & Curb • Water, Waste, Utilities • 911 & Emergency Comms. • CAD/RMS • Fire & EMS • Investigations & Intel • School Safety • Courts & Corrections • AI Reporting / Writing • Hardware / Drones / IoT Our Coverage Team and Focus Areas: in its development capital raise from* in its sale to in its sale to* in its sale to* in its sale to* in its sale to* in its acquisition of* in its sale to* in its acquisition of* in its acquisition of in its sale to in its acquisition of in its majority investment in in its sale to in its sale to $1B Senior Unsecured Notes / Ratings Advisor* a subsidiary of

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E A D V I S O R S / www.usadvisors.com 3 S T R I C T L Y C O N F I D E N T I A L I: 2025 Year-In-Review

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 4 2025 Year-in-Review – Key Themes 2025 proved to be a watershed year for Government Technology, with deal activity accelerating to levels not seen since 2021…several forces converged to drive this surge: ▪ An acute public sector workforce crisis demanding unified technology solutions ▪ AI reaching production readiness for mission-critical applications across the entire tech stack ▪ Aging 911 infrastructure finally hitting its replacement cycle ▪ PE firms increasingly viewing state and local government software as a defensive, recession-resistant asset class insulated from federal budget volatility The year's marquee transactions such as NEOGOV's $3 billion exit, Axon's $1.5+ billion 911 consolidation play, and First Due's $355 million growth round each tell a broader story about where the market is headed. In the subsequent slides, we’ll unpack and examine the key themes, regulatory tailwinds, and most importantly the deals that shaped M&A activity across the broader public sector software landscape… A GovTech Sector Debrief Source: NEOGOV acquisition by EQT and CPP Investments, July 2025; reported deal value ~$3B, Axon investor press releases; combined >$1.5B. https://investor.axon.com/press-releases, https://www.firstdue.com/news/investment

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 5 November 2025 Acquired By School safety & visitor mgmt. platform software July 2025 Acquired By Public sector HR & workforce management software May 2025 Acquired By Transit data analytics & information software January 2025 Strategic Investment By No-code workflow automation & digital forms software 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 1: The Public Sector Workforce Crisis Reaches An Inflection Point NeoGov’s acquisition by EQT and CPP Investments represents one of the largest GovTech transaction on record (comparable to Tyler Technologies' $2.3 billion acquisition of NIC in 2021) and signals just how valuable purpose-built government HR platforms have become. NEOGOV serves nearly 10,000 public sector agencies with cloud-native solutions spanning recruitment, onboarding, performance management, and compliance. The deal reflects a structural reality facing every level of government: agencies cannot hire fast enough to replace retiring workers, and the ones they do hire expect modern digital experiences. NEOGOV's own "Hopeful Horizons" report showed a 50% increase in open government jobs from 2023 to 2025, while applicants per position rose only 18%; a recipe for persistent labor shortages. EQT and CPP are betting that AI-driven workforce management tools will be essential infrastructure as governments compete for talent against private sector employers. NEOGOV's roadmap includes AI-powered document summarization, conversational search, and "public sector superworker" tools designed to make existing staff dramatically more productive. The Download The Deals The Key Takeaway • As NEOGOV CEO Shane Evangelist noted, "Local governments are the backbone of our communities." PE investors increasingly agree and are willing to pay premium multiples for platforms that help those governments operate despite chronic staffing constraints. Platform Deals Add-On M&A March 2025 Acquired By Gaming industry regulatory compliance mgmt. March 2025 Acquired By Law enforcement & dispatch mgmt. cloud software December 2025 Acquired By K-12 teacher evaluation & compliance mgmt. software Source: Tyler Technologies press release, NEOGOV serves ~10,000 public sector agencies per company corporate materials. NEOGOV "Hopeful Horizons" report (2025); 50% increase in open government jobs 2023-2025; applicants per position rose 18%, Shane Evangelist, CEO, NEOGOV - per EQT / NEOGOV press release, July 2025.

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 6 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 2: SLED as a Safe Haven As we saw in 2025, SLED remained a financial (and contractual) “Safe Haven” as Federal Contracts faced uncertainty The Department of Government Efficiency (DOGE) emerged as a wild card in 2025, with contract cancellations disproportionately impacting small business IT service providers serving federal agencies. Conversely, State, Local, and Education (SLED) markets remained largely insulated from federal turbulence. As Serent Capital's Stewart Lynn noted, "state budgets remain strong, and state and local officials are typically reluctant to gut public safety and emergency services." This dynamic accelerated a flight to quality: acquirers pivoted toward SLED oriented end-markets and steered clear of Federally oriented players, at least temporarily, as uncertainty clouded H1-25. The Download The Deals The Key Takeaway • GovTech investors (both sponsors and strategics) are drawing sharper distinctions between federal exposure (risky) and SLED orientated software platforms (defensive). This bifurcation is likely to persist as federal budget uncertainty continues into 2026. SLED Public Safety September 2025 Acquired By AI-powered 911 communications and real-time incident management platform November 2025 Acquired By Cloud-native emergency communications platform for 911 call centers August 2025 $355MM Strategic Investment From Fire department management, pre-planning, and emergency response software May 2025 Grant mgmt. software for government agencies and nonprofit organizations Acquired By July 2025 Constituent relationship mgmt. and civic engagement platform for government Acquired By May 2025 ERP and financial mgmt. solutions for local government agencies Acquired By January 2025 Cloud-based permitting, licensing, and code enforcement software platform Strategic Investment By Cloud-native fire department and EMS records management software Acquired By July 2025 Source: Stewart Lynn, Serent Capital - quote per https://www.peskindexecutivesearch.com/insights/govtech-public-safety-ma-trends-2026, DOGE contract cancellation impact per GovTech.com

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 7 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 3: Platform Consolidation Accelerates 2025 saw continued execution of roll-up strategies by PE-backed platforms seeking to become "one-stop shops" for government agencies. Across the last ~24 months the players below have continued to “buy” into key capabilities: The Download 2024 The Key Takeaway • Government agencies increasingly want fewer vendors, not more. • Platforms that can offer integrated solutions across multiple workflows (and prove interoperability with existing systems) command premium valuations and stickier customer relationships. Building a unified procurement-to-grants platform 3 add-ons in L24M 10 add-ons in total Extending past Civic Engagement and evolving into a Public Works “one-stop-shop” 3 add-ons in L24M 11 add-ons in total Targeting small/medium government organizations with integrated suites 3 add-ons in L24M 8 add-ons in total Expanding beyond civic engagement into adjacent government functions 3 add-ons in L24M 20 add-ons in total Building a comprehensive public safety platform 4 add-ons in L24M 13 add-ons in total Integrating AI across budgeting, permitting, procurement, and asset management 2 add-ons in L24M 9 add-ons in total Assembling a massive integrated payments and “modernization” platform for state and local gov 3 add-ons in L24M 11 add-ons in total Intellectual Technology, Inc. 2025 To view the unblinded version, please contact: [email protected] Source: Add-on counts based on publicly announced transactions tracked by Union Square Advisors, Company press releases, PitchBook, GovTech.com, and public filings.

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 8 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 4: Permitting & Licensing Modernization Continues Licensing, permitting, and code enforcement software remain among the most active sectors, driven by legacy vendor challenges and cloud migration demand. In 2025, modernization accelerated as agencies increasingly prioritized cloud- native platforms that unify permitting, licensing, inspections, and code enforcement into a single system of record. Vendors such as Tyler (via myGov) and Accela continued to migrate legacy customers to modern architectures and invest in assets that do, while newer entrants like PermitFlow and Govstream.ai attack the problem from the outside with workflow automation and AI-driven review. This shift is being driven by two structural pressures: 1) Municipalities face rising permit volumes tied to housing shortages, infrastructure investment, and renewable energy deployment without a corresponding increase in headcount 2) Second, constituents and developers now expect consumer-grade digital experiences, real-time status tracking, and predictable timelines The Download The Deals The Key Takeaway • The permitting sector is bifurcating between agencies that have migrated to modern cloud platforms and those still running on-premise systems from the 1990s. • This creates opportunity for both acquirers (Tyler & OpenGov) who have added and expanded their permitting offerings as well as insurgents (PermitFlow, Govstream.ai) who are now using AI to automate what has historically been a paper-intensive, manual process. January 2025 Acquired By Cloud-based permitting, licensing, and code enforcement software platform July 2025 $54MM raise from AI-powered construction permit mgmt. and submission platform for builders May 2025 Acquired By Virtual inspection and digital permitting platform for residential contractors December 2025 Acquired By AI-powered automated plan review and building code compliance platform April 2025 Acquired By Digital plan review and document management for permitting agencies February 20261 Acquired By GIS-native infrastructure asset and work management for government Permitting & Licensing M&A Activity Source: Tyler Technologies acquisition of myGov, January 2025 per Tyler Technologies press release, PermitFlow $54MM raise from Accel and Felicis Ventures, July 2025 per company press release. Note: [1] Novotx / Accela (Feb 2026) is subsequent to 2025 review period; included to show ongoing momentum.

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 9 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 5: The Great 911 Consolidation 2025 marked the beginning of a fundamental restructuring of the 911 ecosystem. For decades, emergency communications infrastructure was fragmented across thousands of Public Safety Answering Points (PSAPs), each running a patchwork of legacy systems designed for landline calls. With 80% of 911 calls now originating from mobile devices, that architecture has become untenable. Axon's back-to-back acquisitions of Prepared and Carbyne give it a complete next-generation 911 stack: • Carbyne provides cloud-native call routing and core infrastructure replacing decades-old on-premise systems • Prepared adds an AI overlay that works with any existing system, providing real-time transcription, translation, and automated triage Together, they form "Axon 911," which Axon describes as "the industry's first fully integrated, start-to-finish emergency response system." The vision connects the initial 911 call through dispatch, field response (via Axon's body cameras, drones, and real-time crime centers), evidence management, and courtroom resolution. Motorola Solutions responded by acquiring RapidDeploy, a cloud-based CAD and analytics platform, signaling that the two public safety giants are now in direct competition across the full technology stack. The Download The Deals The Key Takeaway • The 911 market is consolidating around two major platforms (Axon and Motorola), with smaller players either getting acquired or facing increasing competitive pressure. • Agencies will increasingly continue to demand integrated solutions rather than point products. September 2025 $900MM Acquisition By November 2025 $625MM Acquisition By Cloud-native 911 call routing & mgmt. platform February 2025 $181MM Acquisition by Acquired By November 2025 Cloud-native CAD & police records management November 2025 Acquired By RapidSOS through $100M Raise From Backup 911 call taking & dispatch services January 2025 Acquired By AI police report writing & transcription software AI-powered 911 call intelligence & triage platform Cloud-native 911 mapping & dispatch analytics 911 & Alerting M&A Activity Source: NENA and FCC wireless 911 data, https://seekingalpha.com/news/4515299-axon-outlines-2_74b-revenue-target-for-2025-as- ecosystem-expansion-accelerates-with-prepared, https://investor.axon.com/press-releases

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 10 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 6: Fire & EMS Software Comes of Age Fire and EMS software has historically been a sleepier corner of public safety technology fragmented among dozens of vendors selling point solutions for scheduling, ePCR, inspections, and asset management. First Due's massive growth round signals that consolidation is accelerating and that the sector is attracting top-tier growth investors. First Due has built an "all-in-one" platform serving over 3,000 agencies, including the State of Michigan, City of Charlotte, FDNY, and federal agencies including the Department of Defense. Their NERIS and NEMSIS-compliant reporting modules address a critical regulatory requirement: standardized fire and EMS data collection mandated at state and federal levels. The investment will fund AI-driven enhancements to EMS QA/QI workflows (quality assurance and quality improvement - areas where regulatory scrutiny is intensifying), intelligent scheduling automation, and conversational analytics. Fire departments nationwide face mounting compliance requirements around inspection documentation, pre-incident planning, and patient care reporting. Legacy systems built for paper-based workflows cannot keep pace. Meanwhile, staffing shortages in fire/EMS are as severe as anywhere in government - volunteer fire departments are struggling to recruit, and career departments compete for a shrinking pool of paramedics. The Download The Deals The Key Takeaway • Fire & EMS vertical software is following the path blazed by law enforcement software a decade ago: fragmented point solutions giving way to integrated platforms, with regulatory complexity and workforce challenges driving adoption. Fire & EMS Ops / Compliance Software July 2025 Acquired By Cloud-native fire & EMS records and NERIS reporting Growth Investment From July 2025 Cloud-based fire & EMS records management and operations Growth Investment From January 2025 Fire & EMS workforce management and station alerting August 2025 $355MM Strategic Investment From All-in-one fire, EMS, and law enforcement platform $29MM Strategic Investment From August 2025 Fire & EMS operations and fleet management software June 2025 Growth Investment From Fire protection inspection and compliance software Source: https://www.firstdue.com/news/investment, https://www.ems1.com/fire-products/records-management-system-rms/first-due- recognized-on-2025-govtech-100-list

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 11 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 6: Fire & EMS Software Comes of Age – A Case Study on First Due To view the unblinded version, please contact: [email protected]

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 12 2025 Year-in-Review – Key Themes (Cont.) Macro Theme 7: AI Moves from Buzzword to Deployment In closing on our 2025 themes, nearly every major 2025 GovTech transaction included AI as a core value driver, but unlike prior years, the AI capabilities being acquired are already in production at scale.. GovTech AI has moved past “pilots” into mission-critical deployments. The 2025 Tracxn report showed GovTech funding up 136% YoY through September, with AI-enabled platforms capturing disproportionate investor interest. However, the sector faces unique challenges: public agencies are cautious about AI governance, data privacy, and algorithmic bias in ways that commercial customers are not. It is our view that vendors that can demonstrate responsible AI deployment (with audit trails, explainability, and human-in-the-loop safeguards) are likely to have the upper hand in procurement battles. The Download The Deals The Key Takeaway • AI is no longer optional for GovTech vendors. These 2025 deals show acquirers paying premium valuations for companies with production-ready AI, not just R&D roadmaps. AI-Native M&A + Financing Activity AI police report writing & transcription software Acquired By May 2025 August 2025 $355MM Strategic Investment From All-in-one fire, EMS, and law enforcement platform March 2025 $190MM Series C Raise From Data intelligence & decision- support platform for public safety agencies December 2025 Acquired By AI-powered automated plan review and building code compliance platform AI-powered license plate recognition across 5,000+ communities $275MM Series F From March 2025 January 2025 Acquired By AI community sentiment & engagement platform February 2025 AI-native no-code platform for government app creation Acquired By September 2025 Acquired By AI-powered 911 communications and real-time incident management platform Source: Tracxn "GovTech Sector Report”

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E A D V I S O R S / www.usadvisors.com 13 S T R I C T L Y C O N F I D E N T I A L II: Looking Ahead to 2026

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 14 Looking Ahead to 2026 – Key Themes To view the unblinded version, please contact: [email protected]

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 15 Looking Ahead to 2026 – New Platforms To Watch Consolidation in the GovTech market is not just limited to incumbents like Tyler Technologies. Within the last 6 months, we’ve seen the debut of several newly “created” platforms that will continue to compete head-to-head with other well-known ERP platforms… To view the unblinded version, please contact: [email protected]

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 16 Looking Ahead to 2026 – Building vs. Buying: A Tale of Two “Arlingtons” As AI tools mature and reduce the technical barrier to development, we expect SLED agencies to increasingly build custom point solutions in-house; increasing potentially disruption and displacement for incumbent vendors in areas like chatbots, workflow automation, and citizen-facing portals where off-the-shelf products were previously the only viable option. Sources: Arlington County DTS budget briefings, arlingtonva.us, Arlington County vendor RFPs (vrapp.vendorregistry.com), Tyler Technologies press releases (BusinessWire, March 2017), Esri case studies, GovTech.com, public records | US Advisors Analysis To view the unblinded version, please contact: [email protected]

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E A D V I S O R S / www.usadvisors.com 17 S T R I C T L Y C O N F I D E N T I A L III: GovTech & Public Safety Market Landscape

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 18 Our View on the GovTech & Public Safety Market Landscape To view the unblinded version, please contact: [email protected]

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 19 Key Players Within the GovTech & Public Safety Market Landscape To view the unblinded version, please contact: [email protected]

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E A D V I S O R S / www.usadvisors.com 20 S T R I C T L Y C O N F I D E N T I A L IV: A Deep Dive on Union Square Advisors

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 21 Union Square Advisors at a Glance Track Record of Premium Outcomes; 195+ Transactions and $125BN+ in Deal Value Operating from SF, NY, and the UK, with Extensive Global Reach Founded in 2007 by Wall Street Leaders, Carter McClelland and Ted Smith Focused on M&A and Capital Solutions Advisory in the Tech Sector Long Standing Relationships and Access to All Key Market Players Deep Team of Professionals with 300+ Years of Cumulative Experience History Focus Market Access Vast Experience Worldwide Presence Established Expertise Note: Unless otherwise specified, all data is as of December 11th, 2025

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 22 Partners and Senior Officers Ted Smith Co-Founder, Partner and President 35+ years experience Focused primarily on high-growth public and private technology companies, including HCIT and Defense/Dual Use Tech Carter McClelland Co-Founder, Partner and Chairman 50+ years experience Wayne Kawarabayashi Chief Operating Officer, Partner and Head of M&A 30+ years experience Mike Meyer Chief Executive Officer, Partner and Head of Capital Solutions 35+ years experience Devon Ritch Partner, M&A 25+ years experience Todd Holman Managing Director, Software 12+ years experience Focused primarily on software (source-to-pay and risk management) and internet (marketplaces and AdTech) Phillip Kim Managing Director, M&A 20+ years experience Will Andereck Partner, Software 16+ years experience Focused on the MarTech, SalesTech, contact center, HCM and workflow / automation markets Jon Shalowitz Managing Director, Software 30+ years experience Focused on enterprise SaaS, enterprise AI and infrastructure software Todd Meadow Managing Director, Capital Solutions, Head of Sponsor Coverage & GP Solutions 20+ years experience Union Square Advisors Senior Team Terry Jackson Managing Director, Software 18+ years experience Focused on vertical software, office of the CFO and supply chain management software Su Mei Chen Chief Administrative Officer, Head of Human Resources 21+ years experience Wesley Or Vice President, Software 8+ years experience Focused on supply chain and logistics software Trevor Lunsford Director, Software 9+ years experience Focused on GovTech, Public Safety, workflow automation, MarTech and payments Gelila Bekele Head of AI Strategy 8+ years experience This information is for illustration and discussion purposes only. Union Square makes no assertion about any particular comparable firm providing or any employee's previous employment/academic experience guaranteeing any particular knowledge, skill, or service level.

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 23 Our Coverage Leadership Team Key Themes Key Industry Experience Across the Technology Landscape Will Andereck Partner, Software 16+ years experience Focused on the MarTech, SalesTech, contact center, HCM and workflow / automation markets Ted Smith Co-Founder, Partner and President 35+ years experience Focused primarily on high-growth public and private technology companies, including HCIT and Defense/Dual Use Tech Jon Shalowitz Managing Director, Software 30+ years experience Focused on enterprise SaaS, enterprise AI and infrastructure software Todd Holman Managing Director, Software 12+ years experience Focused primarily on software (source-to-pay and risk management) and internet (marketplaces and AdTech) Terry Jackson Managing Director, Software 18+ years experience Focused on vertical software, office of the CFO and supply chain management software Procurement/Supply Chain, Office of the CFO and LegalTech HealthTech Financial Technology and Payments Wesley Or Vice President, Software 8+ years experience Focused on supply chain and logistics software Trevor Lunsford Director, Software 9+ years experience Focused on GovTech, Public Safety, workflow automation, MarTech and payments Customer Engagement and CX AI, Infrastructure and Data + Analytics Governance, Risk and Compliance Vertical Software Supply Chain and Logistics Tech Vertical Software Supply Chain and Logistics Tech Retail and eCommerce Enablement Cybersecurity Human Capital Management Cybersecurity B2B SalesTech and MarTech Defense Tech and Dual Use Tech Internet Marketplaces GovTech and Public Safety

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 24 Our M&A Execution Team R E L E V A N T E X P E R I E N C E Select Sell-side Transactions Select Buy-side Transactions 75+ years of combined experience Phillip Kim Managing Director, M&A 20+ years experience Devon Ritch Partner, M&A 25+ years experience Wayne Kawarabayashi Chief Operating Officer, Partner and Head of M&A 30+ years experience APRIL 2021 Merger with $1,300,000,000 MAY 2021 Undisclosed Sale to (1) Includes up-front consideration and performance target payments SEPTEMBER 2018 $245,000,000 Sale to FEBRURARY 2017 $435,000,000 Sale to $1,400,000,000 DECEMBER 2016 Sale to Sale to SEPTEMBER 2016 Undisclosed Other Advisory DECEMBER 2023 Undisclosed NOVEMBER 2020 Investment in Undisclosed Acquisition of SEPTEMBER 2021 Undisclosed Majority Investment in Undisclosed AUGUST 2024 Acquisition of MAY 2025 Investment in AUGUST 2020 Acquisition of $775,000,000 MAY 2019 Acquisition of $215,000,000 AUGUST 2015 Acquisition of $720,000,000 AUGUST 2015 Acquisition of $5,300,000,000 DECEMBER 2014 Acquisition of $4,200,000,000 FEBRUARY 2020 Majority Stake Acquisition of $2,500,000,000 In its merger with DECEMBER 2021 Undisclosed SPAC Acquisition of SEPTEMBER 2021 $1,100,000,000 DECEMBER 2015 Advisor to the Board of Directors Undisclosed Carve-out of NOVEMBER 2015 $925,000,000 Formation of MARCH 2013 Undisclosed NOVEMBER 2015 Undisclosed Advisor to the Board of Directors Deep advisory and transaction expertise, including buy-side and sell-side M&A, divestitures/carveouts, defense advisory, fairness opinions, restructurings, SPAC mergers and board advisory services Sale to JANUARY 2020 Undisclosed DECEMBER 2020 Undisclosed Sale to Sale to AUGUST 2022 Undisclosed AUGUST 2022 $918,000,000 Sale to Sale to JULY 2023 $111,000,000 JULY 2024 Sale to Undisclosed JUNE 2024 $220,000,000(1) Sale to Undisclosed SEPTEMBER 2024 Sale to Undisclosed MARCH 2025 Sale to Undisclosed JUNE 2025 Sale to Sale to JANUARY 2024 Undisclosed Undisclosed SEPTEMBER 2025 Sale to Undisclosed $165,000,000 PENDING Acquisition of

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 25 Completed $250BN+ in Transactions R E L E V A N T E X P E R I E N C E Select Transactions (1) Denotes transactions completed on other platforms prior to joining USA Financial Advisor in its $125MM financing from APRIL 2023 $375MM First Lien Term Loan and $120MM Second Lien Term Loan for its LBO of (1) JUNE 2017 Financial advisor in connection with $2.7BN Credit Facilities FEBRUARY 2020 $230MM Preferred Equity Issuance for its $518MM LBO of(1) FEBRUARY 2013 Financing advisory in their $5BN acquisition of (1) MAY 2007 in its $70MM+ financing from JULY 2024 $455MM First Lien Term Loan and $120MM Second Lien Term Loan for its LBO of (1) SEPTEMBER 2017 $60MM Second Lien Term Loan Issuance for its $350MM LBO of (1) JANUARY 2016 Financing advisory in its $25BN LBO of (1) APRIL 2007 Financial Advisor in its $40MM financing from JANUARY 2024 $430MM First Lien Term Loan and $140MM Second Lien Term Loan for its LBO of ECI and merger into Exact (1) SEPTEMBER 2017 Advisor in its merger with DECEMBER 2021 Bond Issuance (1) DECEMBER 2014 $1.6BN First Lien Term Loan and $500MM Senior Notes for its Term Loan for its LBO of (1) AUGUST 2007 Financial Advisor in its $30MM financing from MAY 2022 $660MM First Lien Term Loan and $240MM Second Lien Term Loan for its LBO of (1) MARCH 2017 $3.3BN Secured Term Loan and $1.2BN Senior Notes for its LBO of (1) OCTOBER 2017 Financial Advisor in its $260MM financing from FEBRUARY 2025 Financing advisory in their $27BN LBO of (1) JULY 2008 Financial Advisor in its $107MM financing from MARCH 2023 $1.0BN First Lien Term Loan and $207MM Second Lien Term Loan for their LBO of(1) APRIL 2017 Financial Advisor in its $300MM Term Loan placement with(1) JANUARY 2024 Financial Advisor in its $255MM debt placement with(1) JUNE 2022 Financial Advisor in its $55MM debt financing placed with(1) JUNE 2023 in its $105MM+ financing from MAY 2025 Financial Advisor in its $18BN LBO of (1) DECEMBER 2006 Financial Advisor in its $460MM financing from DECEMBER 2023 $1.4BN Secured Term Loan and $425MM Senior Notes for its LBO of (1) JULY 2017 Financial Advisor in its $100MM financing from SEPTEMBER 2021 Financial Advisor in its $70MM financing from MAY 2021 Financial Advisor in its $100MM financing from JULY 2021 Advisor in its $1.1BN merger with SEPTEMBER 2021 Financial advisor in its strategic investment in DECEMBER 2021 Financial Advisor in its $100MM Investment in JULY 2020 Financing advisory in its $5.4BN LBO of (1) JULY 2014 Todd Meadow Managing Director, Capital Solutions, Head of Sponsor Coverage & GP Solutions 20+ years experience Mike Meyer Chief Executive Officer, Partner and Head of Capital Solutions 35+ years experience Our Capital Solutions Team in its $33MM+ financing led by JULY 2025 Specializes in unique capital markets solutions to private equity and corporate clients. Core capabilities include equity and hybrid capital private placements, capital structure optimization, debt advisory and GP Solutions/Continuation Vehicles

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 26 Undisclosed In its acquisition of(1) DECEMBER 2025 (1) Acted as M&A add-on advisor to Cinven. (2) Includes up-front consideration and performance target payments Majority Stake Acquisition of SEPTEMBER 2021 Undisclosed OCTOBER 2021 NOVEMBER 2021 DECEMBER 2021 FEBRURARY 2022 JANUARY 2022 MAY 2022 DECEMBER 2021 DECEMBER 2021 MAY 2022 In its sale to Undisclosed In its sale to $201,500,000 Strategic investment in Undisclosed In its acquisition of Undisclosed In its sale to Undisclosed In its financing from $30,000,000 In its sale to Undisclosed In its merger with Undisclosed In its acquisition of Undisclosed In its Series A Financing $29,000,000 JUNE 2022 APRIL 2023 JANUARY 2023 DECEMBER 2022 MARCH 2023 NOVEMBER 2022 AUGUST 2022 AUGUST 2022 SEPTEMBER 2022 APRIL 2023 $125,000,000 In its debt refinancing from Undisclosed In its financing Undisclosed In its financing $107,000,000 Financing with In its majority control investment from Undisclosed In its sale to $918,000,000 In its sale to Undisclosed In its sale to Undisclosed $24,600,000 In its Series B financing from JUNE 2024 JULY 2024 JULY 2024 JANUARY 2024 DECEMBER 2023 DECEMBER 2023 JANUARY 2024 JULY 2024 AUGUST 2024 In its sale to $220,000,000(2) In its acquisition of Undisclosed In its financing from $70,000,000 In its sale to Undisclosed In its financing from $460,000,000 In its majority investment in Undisclosed In its growth investment from $40,000,000 In its sale to Undisclosed In its acquisition of Undisclosed AUGUST 2024 Undisclosed In its sale to Project Alpine SEPTEMBER 2021 JULY 2021 JULY 2021 MAY 2021 MAY 2021 MAY 2021 FEBRURARY 2021 MARCH 2021 APRIL 2021 In its acquisition of $1,100,000,000 In its sale to Undisclosed $100,000,000 Financing with Undisclosed In its sale to In its sale to Undisclosed In its sale to Undisclosed In its sale to Undisclosed Financing $63,000,000 In its sale to $1,300,000,000 DECEMBER 2024 JANUARY 2025 MARCH 2025 MAY 2025 MAY 2025 JUNE 2025 JULY 2025 JULY 2025 SEPTEMBER 2025 $111,000,000 JULY 2023 In Its sale to SEPTEMBER 2021 In its Growth Investment led by $100,000,000 JUNE 2022 In its sale to Undisclosed AUGUST 2023 In its financing from $80,000,000 SEPTEMBER 2024 Undisclosed in its sale to Undisclosed in its sale to Undisclosed in its sale of assets to Undisclosed in its sale to In its financing from $105,000,000 Investment in $165,000,000 In its sale to Undisclosed In its majority recapitalization by Undisclosed In its financing led by $33,000,000 In its sale to Undisclosed PENDING In its acquisition of Undisclosed We have Advised on 195+ Transactions Exceeding $125BN Since Inception

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 27 (1) Implied value for 100% of the company In its sale Undisclosed DECEMBER 2016 NOVEMBER 2017 NOVEMBER 2017 FEBRURARY 2017 JUNE 2017 JUNE 2017 JUNE 2017 JUNE 2017 JUNE 2017 JUNE 2017 Undisclosed Financing with Financing with $25,000,000 In its sale to $435,000,000 In its sale to Undisclosed $35,000,000 Financing with Undisclosed Strategic Investment $49,000,000 In its sale to Undisclosed Sale of its Stake in Undisclosed Growth Investment $275,000,000 Acquisition of NOVEMBER 2017 AUGUST 2018 AUGUST 2018 SEPTEMBER 2018 SEPTEMBER 2018 DECEMBER 2018 JUNE 2018 APRIL 2018 In its sale to Undisclosed APRIL 2019 Financing with $100,000,000 In its sale to $115,000,000 In its sale to $245,000,000 In its sale to Undisclosed Undisclosed In its sale to In its sale to Undisclosed $107,500,000 In its sale to In its sale to Undisclosed JULY 2018 Undisclosed Acquisition of APRIL 2016 DECEMBER 2016 SEPTEMBER 2016 SEPTEMBER 2016 OCTOBER 2016 DECEMBER 2016 AUGUST 2016 JULY 2016 AUGUST 2016 AUGUST 2016 Financing with $45,000,000 Acquisition of $67,000,000,000 In its sale to $100,000,000 In its sale to Undisclosed In its sale to $1,400,000,000 In its sale to $130,000,000 Acquisition of Undisclosed Project Clarinet Term Financing Undisclosed Acquisition of Undisclosed In its sale to Undisclosed APRIL 2019 MARCH 2016 DECEMBER 2015 NOVEMBER 2015 NOVEMBER 2015 DECEMBER 2015 AUGUST 2015 JULY 2015 AUGUST 2015 OCTOBER 2015 Undisclosed Acquisition of Acquisition of Undisclosed Acquisition of $925,000,000 Advisor to the Board of Directors Undisclosed Advisor to the Board of Directors Undisclosed Acquisition of Undisclosed $720,000,000 Majority Stake Acquisition of Acquisition of $5,300,000,000 Financing with $30,000,000 MAY 2019 MAY 2019 JANUARY 2020 FEBRUARY 2020 FEBRUARY 2020 FEBRUARY 2020 JULY 2020 AUGUST 2020 OCTOBER 2020 DECEMBER 2016 Acquisition of Undisclosed FEBRUARY 2018 In its sale to $85,000,000 MAY 2016 $200,000,000(1) In its sale to APRIL 2019 Strategic Advisory Undisclosed In its acquisition of $215,000,000 Majority Sale to Undisclosed Undisclosed In its sale to $2,500,000,000(1) Majority Stake Acquisition of In its sale to Undisclosed Financial Advisor in connection with Credit Facilities $2,700,000,000 Investment in $100,000,000 In its acquisition of $775,000,000 Term Loan Financing Project Titan $30,000,000 Investment in NOVEMBER 2020 Undisclosed DECEMBER 2020 In its sale to Undisclosed We have Advised on 195+ Transactions Exceeding $125BN Since Inception

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 28 MARCH 2010 MARCH 2011 Merger with In its sale to JUNE 2012 Acquisition of JANUARY 2014 In its sale to $100,000,000 Undisclosed $500,000,000 Undisclosed In its sale to DECEMBER 2009 Undisclosed Undisclosed JULY 2009 Acquisition of Undisclosed Acquisition of JULY 2009 Undisclosed In its sale to JANUARY 2010 Acquisition of STB BU from FEBRUARY 2010 $213,000,000 Acquisition of Undisclosed DECEMBER 2010 Undisclosed In its sale to OCTOBER 2010 $160,000,000 In its sale of selected assets to OCTOBER 2010 In its sale to Undisclosed NOVEMBER 2010 $65,000,000 In its sale to SEPTEMBER 2010 Acquisition of JULY 2010 $203,000,000 Acquisition of Undisclosed MAY 2010 In its sale to Undisclosed MAY 2010 Undisclosed DECEMBER 2010 Sale of its TV BU $35,000,000 MAY 2012 $440,000,000 FEBRUARY 2012 In its sale to Merger with SEPTEMBER 2011 Undisclosed Sale of its STB BU to $55,000,000 APRIL 2012 JANUARY 2011 Undisclosed Undisclosed Recapitalization with JULY 2011 Undisclosed In its sale to MARCH 2011 $380,000,000 In its sale to JULY 2011 $380,000,000 In its sale to SEPTEMBER 2011 Acquisition of Undisclosed MAY 2012 Undisclosed In its sale to OCTOBER 2013 MAY 2013 Acquisition of Undisclosed Recapitalization Undisclosed MAY 2013 MAY 2013 Regarding Undisclosed Confidential Investor Formation of Undisclosed MARCH 2013 Sale of ExpenseWire to Undisclosed NOVEMBER 2012 Recapitalization Undisclosed AUGUST 2012 In its sale to Undisclosed APRIL 2013 MAY 2012 Financing with $70,000,000 Undisclosed In its sale to OCTOBER 2013 Acquisition of DECEMBER 2014 $4,200,000,000 Undisclosed In its sale to DECEMBER 2014 In its sale to JANUARY 2015 $77,000,000 Acquisition of $840,000,000 FEBRUARY 2015 $50,000,000 In its sale to NOVEMBER 2013 Regarding FEBRUARY 2014 Confidential Investor Undisclosed $150,000,000 In its sale to FEBRURARY 2014 Undisclosed Financial Advisor OCTOBER 2014 $250,000,000 Acquisition of DECEMBER 2014 In its sale to Undisclosed FEBRUARY 2015 Financing with $20,000,000 FEBRUARY 2015 MARCH 2015 In its sale to Undisclosed Recapitalization with Sale of its AOC BU to We have Advised on 195+ Transactions Exceeding $125BN Since Inception

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E A D V I S O R S / www.usadvisors.com 29 S T R I C T L Y C O N F I D E N T I A L V: Select Customer Case Studies

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 30 TPG / Conservice Financial Advisor to TPG in its Majority Stake Investment in Conservice Union Square Advisors LLC served as financial advisor to TPG in its majority stake investment in Conservice. Union Square Advisors’ leveraged its extensive PropTech experience to assist TPG in understanding Conservice’s capabilities and developing its investment thesis into a cohesive value proposition. In addition, Union Square provided strategic and tactical advice to the TPG team throughout the transaction. This transaction builds upon Union Square Advisors’ momentum and demonstrates Union Square Advisors’ deep strategic and financial buyer relationships and ability to provide comprehensive advisory services to sponsors within the PropTech and more broadly the vertical software space. Date Announced December 22, 2025 Transaction Value Undisclosed Transaction Summary Transaction Overview Role of Union Square Advisors Deal Rationale Source: Company website, press release  Conservice provides mission-critical, tech-enabled utility management tools to property managers throughout the U.S. Founded in 2000, the Company’s integrated solutions streamline metering, billing, payment, procurement, and analytics workflows across nearly 8 million units nationwide, playing a critical role in linking operators with more than 20,000 utility providers  Conservice’s customizable solutions and highly scalable platform enable effective and accurate utility management, supporting efforts to increase energy efficiency, enhance utility-related operations, and reduce costs  TPG will invest in Conservice through TPG Capital, the firm’s U.S. and European private equity platform, and will join leading global private equity investor Advent International, who will retain a significant stake after first investing in Conservice in 2020. In connection with the transaction, TA Associates will fully exit its stake in the business  “We are excited to have the opportunity to support Scott and the Conservice team in continuing to invest in the Company's market-leading products, customer experience, and technology to drive accelerated growth for the business and its customers.” – John Flynn, Partner – TPG  “Over multiple decades, Conservice has developed a well-earned reputation as the leader in utility management as a result of its best-in-class team, expertise, and technology. Its solutions continue to drive the property management industry forward, optimizing workflows and providing the highest levels of accuracy and speed for property managers.” – Peter Munzig, Partner – TPG  “Conservice’s utility management offering integrates fragmented workflows to drive better, faster, and more accurate utility administration for residential and commercial property managers. With deep tech-enabled expertise, we are confident TPG is the right partner to support the continued growth of the Conservice platform.” – Scott Hardy, CEO – Conservice TPG has acquired a majority stake in Conservice, a leading utility management platform for the property management industry

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 31 SS8 / Mill Point Capital Exclusive Financial Advisor to SS8 in its sale to Mill Point Capital Union Square Advisors LLC served as exclusive financial advisor to SS8 in its sale to Mill Point Capital. The transaction demonstrates Union Square Advisors' continued leadership in advising premier GovTech companies Date Announced June 26, 2025 Transaction Value Undisclosed Transaction Summary Transaction Overview Role of Union Square Advisors Deal Rationale Source: Company website, press release  SS8 provides the critical intelligence to give law enforcement, intelligence agencies, and emergency services real-time insights that help save lives. Their high- performance solutions also enable communication service providers to efficiently achieve regulatory compliance  The strategic move marks a significant milestone in SS8’s growth trajectory and will fuel expansion into new markets, bolster its technology stack, including AI-driven innovations, and enhance its core offerings in mediation, criminal monitoring, and investigative solutions  The partnership with Mill Point Capital is intended to enable SS8 to accelerate its investment in product development, adding advanced capabilities and driving the next generation of solutions tailored to the needs of intelligence agencies, law enforcement, regulatory agencies, and communication service providers  “This acquisition is a transformative moment for SS8. With Mill Point’s backing, we will scale our vision faster, deepen our investment in AI and data intelligence, and deliver even more powerful solutions for our global customers. We’re excited to grow our impact in public safety and criminal investigations.” – Dr. Keith Bhatia, CEO – SS8  “SS8 is well-positioned at the forefront of data intelligence and investigative solutions. We look forward to supporting their talented team and helping accelerate their strategic roadmap.” – Richard Summers, Partner – Mill Point Capital Mill Point Capital has acquired SS8, a leader in Lawful and Location Intelligence and Monitoring center platforms

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 32 Disclaimer CERTAIN DISCLAIMERS – NOTICE TO RECIPIENTS Where applicable, this document has been created and distributed by Union Square Advisors, LLC (“Union Square Advisors”), a broker/dealer which is registered with the SEC and is member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Union Square Advisors UK Limited is solely responsible for the distribution of this document within the United Kingdom. THIS DOCUMENT IS HIGHLY CONFIDENTIAL AND FOR INFORMATIONAL PURPOSES ONLY. This document has been prepared by Union Square Advisors and is not intended to be (and may not be relied on in any manner as) legal, tax, investment, accounting or other advice. You must consult your own legal, accounting and tax advisors as to the legal, business, tax and related matters concerning the information contained in this document to make an independent determination regarding the consequences of any potential investment. This information is for illustration and discussion purposes only. Information regarding Union Square Advisors employees, their backgrounds and years of experience is provided for informational purposes only. Union Square Advisors makes no assertions regarding any other firm’s services, nor does Union Square Advisors assert that any employee’s previous employment or academic experience guarantees a particular level of knowledge, skill or service provision. Selected transactions are presented for illustrative purposes only and are not indicative of all transactions in which Union Square Advisors has advised or intends to advise. No representation is made that any transaction pursued by Union Square Advisors includes transactions similar to those reflected above. This Presentation contains information regarding the past experiences and roles of key Union Square personnel. Past experience is not a guarantee or assurance of future outcomes or performance. Certain personnel at Union Square will be operating with a greater overall level of autonomy in their roles at Union Square compared to at prior firms where, in certain cases, such personnel worked as part of a larger team, which may limit the relevance of prior experience. Union Square Advisors does not make any assurance as to the accuracy of all information included herein. Union Square Advisors expressly disclaims any obligation or undertaking to update or revise any information included. Information herein reflects the views and opinions of Union Square Advisors as of the date herein, is based on certain assumptions and estimates that are subject to various risks, is subject to change based on prevailing market and economic conditions and not be updated or supplemented. EXTERNAL SOURCES. Certain information contained herein has been obtained from third-party sources. Although Union Square Advisors believes the information from such sources to be reliable, Union Square Advisors makes no representation as to its accuracy or completeness. The inclusion of third-party company names, brands and/or logos herein does not imply any affiliation between these firms and Union Square Advisors. References to third parties should not be construed as endorsements by Union Square Advisors or its personnel, nor should they be construed as endorsements of Union Square Advisors by any third party unless otherwise indicated. Unless otherwise noted, the inclusion herein of any information relating to a specific financing, M&A or other transaction does not indicate that Union Square Advisors participated as an advisor in that transaction. In the United States, inquiries concerning these materials should be directed to Union Square Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC, at 1 Embarcadero Center, Suite 950, San Francisco, CA 94111. In the United States, Union Square Advisors is a Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. THIS DOCUMENT MAY NOT BE COPIED, QUOTED OR REFERENCED WITHOUT UNION SQUARE ADVISORS’ PRIOR WRITTEN CONSENT.

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N F I D E N T I A L U N I O N S Q U A R E A D V I S O R S / www.usadvisors.com 33 Disclaimer ADDITIONAL INFORMATION FOR RESIDENTS OF THE UNITED KINGDOM This communication is a financial promotion. It is directed only at, and is only being made available to, persons in the United Kingdom who are professional clients (as defined in the FCA Handbook). It is not intended for, and must not be relied on by, any person who is a retail client. If you are not a professional client, you should not review this document. This document is provided for information purposes only and does not constitute, and should not be construed as, investment advice, an investment recommendation, an offer or solicitation to buy or sell any security, instrument or to engage in any investment activity. You should make your own independent assessment and seek independent legal, tax, accounting and investment advice as you consider appropriate. Union Square Advisors UK Limited in the UK (FRN 1040983) Appointed Representative of Sapia Partners LLP, which is authorised and regulated by the Financial Conduct Authority (FRN: 550103). References to regulation are limited to the activities and services for which authorisation has been granted. Nothing in this document should be taken as an indication or approval or endorsement by the Financial Conduct Authority of any securities, products, services or communications. Union Square Advisors UK Limited is responsible for the distribution of this document in the United Kingdom. Any references herein to Union Square Advisors, LLC relate to its activities in the Unites States. References to memberships or protections applicable in other jurisdictions (including FINRA and SIPC) relate solely to US business and do not apply to services provided in the United Kingdom. The information herein reflects the views and opinions of Union Square Advisors as at the date of this document. Certain information has been obtained from third-party sources believed to be reliable, but no representation or warranty, express or implied, is given as to its accuracy or completeness, and it should not be relied upon. The information may be subject to change without notice. Neither Union Square Advisors UK Limited, Union Square Advisors, LLC nor any of their affiliates, officers, employees or agents accepts any liability for any loss arising from the use of this document or its contents, save in respect of any duty or liability that cannot be excluded under applicable law. Any information regarding past performance is not a reliable indicator of future results. Where forward-looking statements, targets or illustrative performance scenarios are included, they are based on assumptions and estimates and are provided for illustrative purposes only; such forecasts are not a reliable indicator of future performance. No reliance may be placed for any purpose on the information or opinions contained in this document or their accuracy or completeness. We undertake no obligation to update or revise the information herein. This document is confidential and may not be reproduced, redistributed or disclosed, in whole or in part, to any other person without our prior written consent.

GovTech M&A 2026 Annual Market Update | Union S...

GovTech M&A 2026 Annual Market Update | Union Square Advisors — Trevor Lunsford

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